Word: amazone
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Here's the pitch: capitalism thrives on the reduction of friction, and the Web is the most effective friction reducer since the assembly line. The dot-com revolution hit first for consumers; as soon as Amazon, for instance, put millions of discount books within buying reach of anyone with a modem and a credit card, ordinary bookstores had to change or die. "E-markets have had a very significant impact," says Tim Minahan, an e-commerce analyst for the Aberdeen Group. "And you're going to see that on the business side as well...
...They had panache. They were cocktail chatter, and their stocks (and stockholders) were giddy. The money-losing online bookseller Amazon.com long ago blew past venerable Sears in terms of market value. At the time, investors gasped and marveled. They kept buying, but at least they noticed. By April, though, Amazon's worth was fast approaching that of Sears and Wal-Mart combined, and nobody was paying attention...
They are now. Amazon's April apex, it turns out, was the top of the market for Internet stocks. On average, they have declined 32%, and many, including Amazon, have halved. So, is it time to declare the Internet bubble burst and set the Net stocks next to other flameouts, such as biotechnology (1980s), computer leasing (1970s) and, yes, tulips (1600s...
...year, and could well stay there. Speculative stocks (and Internet defines the category) tend to get hard hit when higher rates threaten to slow the economy and the market. There are also basic questions about Internet bellwethers, including AOL (Will AT&T shut it out of cable access?) and Amazon (Can it reverse slowing revenue growth...
...three months of formal results. The IPO may do well anyway. The company has a top-notch underwriter in Morgan Stanley Dean Witter. It is the first online company of its kind to attempt to sell shares to the public, and it's backed by savvy Internet investors, including Amazon founder Jeff Bezos...